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exported； commodities would be imported； and though what is
usually termed the balance of trade would be against the country
exporting money or bullion； it would be evident that she was
carrying on a most advantageous trade； exporting that which was
no way useful to her； for commodities which might be employed in
the extension of her manufactures； and the increase of her
wealth。
If instead of a mine being discovered in any country； a bank
were established； such as the Bank of England； with the power of
issuing its notes for a circulating medium； after a large amount
had been issued either by way of loan to merchants； or by
advances to government； thereby adding considerably to the sum of
the currency； the same effect would follow as in the case of the
mine。 The circulating medium would be lowered in value； and goods
would experience a proportionate rise。 The equilibrium between
that and other nations would only be restored by the exportation
of part of the coin。
The establishment of the bank and the consequent issue of its
notes therefore； as well as the discovery of the mine； operate as
an inducement to the exportation either of bullion or of coin；
and are beneficial only in as far as that object may be
accomplished。 The bank substitutes a currency of no value for one
most costly； and enables us to turn the precious metals （which；
though a very necessary part of our capital； yield no revenue；）
into a capital which will yield one。 Dr A。 Smith compares the
advantages attending the establishment of a bank to those which
would be obtained by converting our highways into pastures and
corn…fields； and procuring a road through the air。 The highways；
like the coin； are highly useful； but neither yield any revenue。
Some people might be alarmed at the specie leaving the country；
and might consider that as a disadvantageous trade which required
us to part with it； indeed the law so considers it by its
enactments against the exportation of specie； but a very little
reflection will convince us that it is our choice； and not our
necessity； that sends it abroad； and that it is highly beneficial
to us to exchange that commodity which is superfluous； for others
which may be made productive。
The exportation of the specie may at all times be safely left
to the discretion of individuals； it will not be exported more
than any other commodity； unless its exportation should be
advantageous to the county。 If it be advantageous to export it；
no laws can effectually prevent its exportation。 Happily in this
case； as well as in most others in commerce where there is free
competition； the interests of the individual and that of the
community are never at variance。
Were it possible to carry the law against melting or
exporting of coin into strict execution； at the same time that
the exportation of gold bullion was freely allowed； no advantage
could accrue from it； but great injury must arise to those who
might have to pay； possibly； two ounces or more of coined gold
for one of uncoined gold。 This would be a real depreciation of
our currency； raising the prices of all other commodities in the
same proportion as it increased that of gold bullion。 The owner
of money would in this case suffer an injury equal to what a
proprietor of corn would suffer； were a law to be passed
prohibiting him from selling his corn for more than half its
market value。 The law against the exportation of the coin has
this tendency； but is so easily evaded； that gold in bullion has
always been nearly of the same value as gold in coin。
Thus then it appears that the currency of one country can
never for any length of time be much more valuable； as far as
equal quantities of the precious metals are concerned； than that
of another； that excess of currency is but a relative term； that
if the circulation of England were ten millions； that of France
five millions； that of Holland four millions； etc。 etc。 whilst
they kept their proportions； though the currency of each country
were doubled or trebled； neither country would be conscious of an
excess of currency。 The prices of commodities would every where
rise； on account of the increase of currency； but there would be
no exportation of money from either。 But if these proportions be
destroyed by England alone doubling her currency； while that of
France； Holland； etc。 etc。 continued as before； we should then be
conscious of an excess in our currency； and for the same reason
the other countries would feel a deficiency in theirs； and part
of our excess would be exported till the proportions of ten；
five； four； etc。 were again established。
If in France an ounce of gold were more valuable than in
England； and would therefore in France purchase more of any
commodity common to both countries； gold would immediately quit
England for such purpose； and we should send gold in preference
to any thing else； because it would be the cheapest exchangeable
commodity in the English market； for if gold be dearer in France
than in England； goods must be cheaper； we should not therefore
send them from the dear to the cheap market； but； on the
contrary； they would come from the cheap to the dear market； and
would be exchanged for our gold。
The Bank might continue to issue their notes； and the specie
be exported with advantage to the country； while their notes were
payable in specie on demand； because they could never issue more
notes than the value of the coin which would have circulated had
there been no bank。（1*）
If they attempted to exceed this amount； the excess would be
immediately returned to them for specie； because our currency；
being thereby diminished in value； could be advantageously
exported； and could not be retained in our circulation。 These are
the means； as I have already explained； by which our currency
endeavours to equalize itself with the currencies of other
counties。 As soon as this equality was attained； all advantage
arising from exportation would cease； but if the Bank assuming；
that because a given quantity of circulating medium had been
necessary last year； therefore the same quantity must be
necessary this； or for any other reason； continued to re…issue
the returned notes； the stimulus which a redundant currency first
gave to the exportation of the coin would be again renewed with
similar effects； gold would be again demanded； the exchange would
become unfavourable； and gold bullion would rise； in a small
degree； above its mint price； because it is legal to export
b